(sorry I know this question has lot to work but it is onequestion :/)

Financial Statements (40Points)

On December 31, 2016, the accounts inthe ledger of Monroe Entertainment Co. are listed below. Allaccounts have normal balances. At the beginning of the year,retained earning balance is $4,000.

Note Payable due 10/31/2018

$         10,000

Accounts Receivable

6,000

Accumulated Depreciation- Equipment (Creditbalance)

6,000

Dividends

1,000

Cash

16,000

Depreciation Expense

5,000

Equipment

12,000

Fees Earned

50,000

Rent Expense

6,000

Supplies

2,000

Supplies Expense

3,000

Wages Expense

21,000

Wages Payable

2,000

Q1. Generate the Income statement (10points)

Monroe Entertainment Company

Income Statement

For the Year Ended December 31, 2016

Revenues:

S

   Total Revenue

Expenses:

   Total Expenses:

Net Income

$

Please generate Retained Earnings Statement based uponthe above information and net income you calculated. (10points, 2 points eachblank).

Monroe Entertainment Company

Retained Earnings Statement

For the Year Ended Dec 31, 2016

Retained Earnings at beginning of the year

$___4,000 __________

    Net Income

_____________________

    Less: Dividends

_____________________

Net Increase/(Decrease) in the end

______________________

Retained Earnings at end of the year

$_____________________

Please generate Balance Sheet as of December 31, 2016 (20points).

Monroe Entertainment Company

Balance Sheet

Dec 31, 2016

Assets

Liabilities

$

$

Total Assets

$

Total Liabilities and Shareholders’ Equity

$